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PFP's insurance company

Unlikely my approved claim will be paid

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[Moderator's note: this post has been altered for legal reasons]

Please note this is NOT about PFP going under liquidation, it is about one of its insurance companies that PFP backed that is very likely to go under liquidation.  This post is meant as a warning to other accountants who have fee protection with PfP and NOT let PfP get away with it.

The insurance company CBL Insurance (Europe) is very likely going into liquidation. Application has been made by KPMG to the Central Bank of Ireland. I received an email from PfP outlining this issue. 

My claim of over £1000, would depend on the sufficiency of assets in CBL. I paid all the premiums. 

This raises serious issues about PfP trustworthiness. It appears that have taken the benefits of my business but none of the risks. They appear to absolve their responsibility and leaving everything to CBL liquidator.  There is no mention of their responsibility. 

What is PfP legal obligation here? I know a question for legal minds.

There is also a concerning issue when we charge clients for fee protection, can we pass the risk of insurer going into liquidation to clients? Unlikely. We as accountants would lose out.  

Any thoughts about the issue?

Replies (8)

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By ireallyshouldknowthisbut
19th Dec 2019 17:50

Is this a historic claim? I thought PFP got bought out by a different group around 18 months ago?

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Replying to ireallyshouldknowthisbut:
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By FirstTab
19th Dec 2019 17:54

Relates to 2018. Yes, a historic claim. I do not know about PfP buy out. Thanks

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By ireallyshouldknowthisbut
19th Dec 2019 18:09

Unless the insurers are underwritten in turn, I imagine you are down £1k myself.

KPMG will hoover up any remaining assets for their fees.

Lucky it wasn't £10k!

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RLI
By lionofludesch
19th Dec 2019 18:06

It's Emil Savundra all over again.

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By FirstTab
20th Dec 2019 09:07

I had to Google. Interesting. A crook in a suit.

https://www.youtube.com/watch?v=j_s81bJXTfQ

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RLI
By lionofludesch
20th Dec 2019 09:28

FirstTab wrote:

I had to Google. Interesting. A crook in a suit.

https://www.youtube.com/watch?v=j_s81bJXTfQ

Ah - you wouldn't have got the Yes Minister joke then, the one where Jim Hacker says he once gave a reference to Emil Savundra.

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By FirstTab
30th Dec 2019 16:57

Please be aware PfP accounts were due to be filed by 30/09/2019. They are overdue to be filed.

https://beta.companieshouse.gov.uk/company/09569634

If you are with PfP please make sure you do not end up like me. Investigate and where needed, take action.

I have lost trust in the brand. It is very likely I will lose my £1000 claim going back to 2018.

Cbl Corporation Ltd that owned PfP ceased business on 9 July 2018. The next owner Nevada Investment Holdings 3 Limited ceased business on 8 March 2019.

Current owner is Ardonagh Finco Plc.
https://beta.companieshouse.gov.uk/company/09569634/persons-with-signifi...

I am going to look into my current fee protection provider Croner TaxWise. If you have any info about them please share.

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By FirstTab
30th Dec 2019 17:25
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